DRILLBITS
Monthly eNewsletter from the IADC


Oil Production from Interior-Managed Leases Surpassed 1 Billion Barrels for First Time in History

On 11 February, the U.S. Department of Interior announced that for the first time in history, over one billion barrels of oil were produced in Fiscal Year 2019 from leases on Federal and American Indian-owned lands and offshore areas. The number represents a 122.5 million barrel increase in production when compared to Fiscal Year 2018.

Royalty revenues collected in Fiscal Year 2019 from oil production on Interior-managed lands increased by 21 percent over 2018 to $7.5 billion. Often the second-highest generator of federal income following taxes, energy revenue disbursements are a critical source of funding to states, American Indian Tribes and individual Indian mineral owners, as well as to the Land and Water Conservation Fund, Reclamation Fund, Historic Preservation Fund and the U.S. Treasury. Accounting for all energy production on federal and American Indian-owned lands and offshore areas, total revenues collected last year increased by 31 percent to approximately $12 billion.

More information can be found at the Department of Interior’s website.